Soochow Securities·2024-03-02 16:00Investment Rating - The report maintains a "Buy" rating for Tianqi Lithium Industries (002466) [1] Core Views - The company has launched a "Quality Return Dual Improvement" action plan to strengthen its lithium resource layout [1] - The company aims to solidify its upstream lithium resource position while enhancing its core competitiveness and improving information disclosure quality [2][3] - The company has achieved 100% self-sufficiency in lithium resources and is actively advancing its mining projects [3] - The company is focusing on increasing production capacity and has multiple lithium chemical product production bases [3] - Strategic partnerships with leading companies in the value chain are being established to enhance collaboration in new energy materials and next-generation battery technologies [4] Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2023-2025 is 7.74 billion, 3.54 billion, and 4.20 billion yuan respectively, with year-on-year changes of -68%, -54%, and +19% [4] - The corresponding P/E ratios are projected to be 11, 25, and 21 times for the same period [4] - The company’s total revenue for 2023 is estimated at 39.75 billion yuan, with a year-on-year decrease of 1.73% [2][4] - The latest diluted EPS is projected to be 4.72 yuan for 2023, decreasing to 2.16 yuan in 2024 before rising to 2.56 yuan in 2025 [2][4] Market Data - The closing price of the stock is 53.80 yuan, with a one-year low of 41.06 yuan and a high of 86.15 yuan [6] - The market capitalization is approximately 88.30 billion yuan [6] Basic Data - The company has a total share capital of 1,641.22 million shares, with a circulating A-share capital of 1,474.78 million shares [7] - The net asset per share is 32.06 yuan, and the debt-to-asset ratio is 30.59% [7]